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MIG Bank Daily Technical Report 9/13/2011
Long Trade Exited at 1.3680, having profited 409pips in total. EUR/USD’s dramatic slide is unwinding from oversold conditions, amidst a short-term DeMark™ exhaustion signal. The prior drop was triggered after the rate’s notorious “Bermuda Triangle” pattern finally broke through the psychological level at 1.4000, which was surrounded by a confluence of other important levels (including the long-term 200-day MA and 2-year uptrend). Watch for further unwinding from oversold conditions over the next few days which could retest 1.3770 and 1.4000. This area would offer renewed selling interest for another ... (full story)
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